CySEC Flags 8 Unregulated Broker Websites

scmconsulting.net, kepercoin.com, 24primeoption.com and 5 more are not authorized to provide investment services.

The Cyprus Securities and Exchange Commission (‘CySEC’) announced today that it wishes to inform investors that the following websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017.

 

 

CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities.

Unregulated companies

A growing number of unregulated firms are using misleading tactics. Customers are to exercise extra vigilance when dealing with cold-calls and should avoid opening accounts with unregulated entities. CySEC, alongside other national financial industry supervisors is hard at work to flag as many illicit websites as possible.

Suggested articles

7 Pharma Stocks You Need to Know in the Race for a Covid-19 VaccineGo to article >>

CySEC

Formed in 2001, the Cyprus Securities and Exchange Commission is the financial regulator of Cyprus.

As an EU member state, CySEC’s financial regulations and operations comply with the European MiFID financial harmonization law.

A significant number of overseas retail forex brokers and binary options brokers have obtained registration from CySEC.

Responsibilities

CySEC has the following responsibilities:

  1. To supervise and control the operation of the Cyprus Stock Exchange and the transactions carried out in the Stock Exchange, its listed companies, brokers and brokerage firms.
  2. To supervise and control Licensed Investment Services Companies, Collective Investment funds, investment consultants and mutual fund management companies.
  3. To grant operation licences to investment firms, including investment consultants, brokerage firms and brokers.
  4. To impose administrative sanctions and disciplinary penalties to brokers, brokerage firms, investment consultants as well as to in any other legal or natural person whom fall under the provisions of the Stock Market legislation.

In a recent amendment to the Law governing CySEC and its responsibility it has received significant power over the entities that it regulates in that it may carry out investigations, enter premises and search as well as to share any findings with foreign regulators.

Got a news tip? Let Us Know